API comment on Obama’s industry taxes

API President and CEO Jack Gerard responded to the president’s call for a vote to raise taxes on the oil and natural gas industry:

‘It is factually wrong for the president to say that the industry receives subsidies. A subsidy is a direct payment of money to a person or business by American taxpayers. The president has it backwards, our industry pays the government nearly 90 million dollars a day, the biggest contributor of government revenue than any other industry in the US.’